CHICAGO, August 11, 2021 / PRNewswire / – Financial Services Company Abaca Announces Social Equity Grant for Illinois holders of a cannabis license.
Under the Abaca Social Equity Grants program, social equity applicants who have received Illinois commercial cannabis licenses may be eligible for a grant of up to $ 12,000, which effectively eliminates monthly service charges for cannabis-related banking services for their first two years.
âFor too long the cannabis industry has struggled with diversity, but many within the industry are working hard to make the shift,â said the CEO of Abaca. Dan Roda. âThe state’s social equity programs, while not perfect, go a long way in improving minority ownership and participation in the industry. Abaca wants to help these businesses succeed, which is why we are proud to launch our social equity grant program in Illinois. “
âAbaca is pleased to be able to make a significant contribution to the success of social equity licensees,â said Dom Marella, financial solutions consultant at Abaca. âThe Social Equity Grants Program means that businesses can redirect this start-up capital to ensure the success of their businesses while still having access to the financial services they need from the start. I look forward to working with this new group of entrepreneurs.
The announcement comes as Abaca opens its Illinois downtown office Chicago, from which Marella offers free financial counseling sessions to new licensees.
To learn more, schedule a consultation, or apply for a grant, visit: https://info.goabaca.com/social-equity
Abaca connects cannabis and hemp businesses with bank accounts, loans, electronic payments, and cash management services through its fintech-powered cannabis banking platform. Depository banking services are offered in partnership with chartered banks, members of the FDIC. By leveraging advanced regulatory technology, Abaca is able to deliver modern financial services to this growing, highly compliant vertical industry. Visit GoAbaca.com for more information.